Olam bags $148.26m from farmland sale

It sold 5,100 acres of a Californian farmland.

Olam International Limited (Olam) bagged $148.26m (US$110m) from the sale of its farmland assets in California.

According to a press release, it completed the sale of 5,100 acres of Edible Nuts farmland assets in California to Farmland Partners Inc (FPI).

Olam will continue to operate the Edible Nuts orchards for the next 25 years and will pay FPI a share of the annual revenue under the revenue-sharing model agreed between both parties.

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